USD has been cornered by other major currencies for a couple of days regardless of the USA’s improved economy. A sharp bearish trend for USDJPY has been formed since last week, pushing the pair below the 138.200 mark. Other major currencies paired with the dollar, have been on a steady uptrend against USD irrespective of their shrinking economies.
USDJPY has tried to regain its market muscles severally but it is encountering strong resistance at around the 138.800 mark.
MY OPINION: USDJPY’s bullish setup is yet to be formed so there is no need to rush and make buy a entry.
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